The union will enable Bancbox’s technology, which to date has been mostly utilized by crowdfunding and private placement portals, to be applied to the user experience of IRA owners.
Given the increased investment options created by the JOBS Act, a process that simplifies self-directed investments for owners of IRA’s seemed like a natural development to Kingdom Trust Senior Vice President Scott Foster:
“This partnership will create a paradigm shift in self-directed IRA investing on portals and platforms. It’s our belief that crowdfunding and peer-to-peer lending portals and platforms will continue to migrate to fully-automated and integrated escrow, compliance and custody solutions. This partnership will not only accelerate fin-tech innovation in crowdfunding, but it will also open the door to other areas of financial services.”
Bancbox technology is utilized by companies such as EquityNet, iFunding, and Angel RoundUp. While their initial focus was on facilitating bank transactions, Bancbox created compliance management API’s and integrated their technology with that of some banks to provide additional options for their clients.
“We continue to focus on value added beyond investor on-boarding and accreditation, regulatory compliance and third-party escrow services to now solving a key problem for crowdfunding and private placement portals — the need for retirement dollars to flow into this new asset class by providing the plumbing to enhance distribution, liquidity and transparency,” said Goyle.
Bancbox CEO Sanj Goyle was profiled by BT last December. Click here to read that piece.
BT also covered the launch of the Bancbox investor accreditation service in early April. Click here to read that article.